Markets Analysis

EURUSD plunges, stocks fall as Italy imposes 40% excess profit tax on banks【August 9, 2023】

August 09, 2023

Markets Analysis

Fundamental Analysis

  • Italian Government Announces 40% Excess Profit Tax on Banks, Impact on European Stocks
  • Moody’s downgrades 10 U.S. banks, sending U.S. stocks sharply lower
  • China’s economic indicators fall short of expectations, AUD temporarily below the milestone of USD 0.65

EURUSD Technical Analysis

Analysis of the EURUSD on a daily basis confirms the awareness of the uptrend line. Although the trend line was temporarily broken due to yesterday’s big drop, the trend line was maintained due to short covering by profit taking. Going forward, the focus will be on whether the uptrend line can be maintained.

If the trend line is broken, a decline to around USD 1.085 is expected.

[EURUSD / D1]

Day Trading Strategy (Hourly)

Checking the hourly EURUSD chart, the candlestick is now sandwiched between the daily uptrend line and the downtrend line. The fluctuation is gradually decreasing, and there is a strong possibility of a breakout in either direction in the future. It is impossible to predict which direction the breakout will be in at this stage.

As for our trading policy, we understand from the sentiment that a certain number of buy positions have accumulated, so we would like to follow the market with sell positions in the event of a breakout to the downside. However, we intend to trade in the short term.

Support and Resistance Lines

The resistance line to be considered in the future is as follows

1.0963 USD – Pivot Point

[EURUSD / H1]

Market Sentiment

EURUSD Sell: 42% Buy: 58%

Today’s Important Economic Indicators

Economic Indicators and EventsJST (Japan Standard Time)
Crude Oil Inventories23:30

*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.

Enter your email address

You can receive deals such as Milton Markets campaigns and bonuses just by registering your email address.

Technology vendor

This site or page is operated by Milton Markets.

Milton Markets is a trading name of Milton Markets Ltd. Milton Markets Ltd. is registered in Saint Lucia with registration number 2023-00166.

Risk Warning: Trading FX and CFD products involves a high risk of loss to your capital. Please read and fully understand the Milton Markets risk disclosure.

Milton Markets does not provide services to residents of the following countries,including but not limited to: Afghanistan, American Samoa, Belarus, Burundi, Canada, Central African Republic, Congo-Brazzaville, Cuba, Côte d'Ivoire, Eritrea, European Union countries, Guinea, Iran, Iraq,

Lebanon, Liberia, Libya, Mali, Myanmar, North Korea, Puerto Rico, Russia, Rwanda, Saint Vincent and the Grenadines, Somalia, Sudan, Syria, U.S. Virgin Islands, United States, Venezuela, Yemen, Zimbabwe.

Customers must be at least 18 years old or the age of legal majority in their own country.

Furthermore, opening an account is considered as registering on your own initiative without any solicitation by Milton Markets.

© MILTONMARKETS, All Right Reserved.